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Brent oil price jumps 5% as Iran's energy facilities hit

World News

18-03-2026 | 09:41

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Brent oil price jumps 5% as Iran's energy facilities hit

Oil prices surged on Wednesday after U.S.-Israeli strikes hit Iranian facilities at a major Gulf gas field, prompting Tehran to call for retaliatory strikes on energy infrastructure.

Brent North Sea crude jumped over five percent to $108.60 per barrel, while the main U.S. oil contract, West Texas Intermediate, climbed 1.9 percent to $98.01.

The strikes hit the South Pars/North Dome mega-field, the largest known gas reserve in the world, supplying around 70 percent of Iran's domestic natural gas.

AFP

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Israel

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